El Paso is among the markets with the lowest risk from natural disasters

Plus: Senate confirms Scott Turner as HUD secretary

February 06, 2025

šŸ„³ Happy Thursday! We are glad to be back in your inbox.

Today's newsletter is 785 words ā€” a 3-minute read.

1. Senate confirms Scott Turner as HUD secretary

On Wednesday, Scott Turner was confirmed as the HUD (Department of Housing and Urban Development) secretary, a role central to President Donald Trumpā€™s domestic agenda at a time when most Americans say the cost of living around necessities is a top concern.

The former NFL player, Texas state representative, and White House senior aide was confirmed in a 55-44 vote. Only two Democrats backed Turnerā€”Sens. Peter Welch of Vermont and John Fetterman of Pennsylvania.

ā€œAs a country, we are not building enough homes. We need millions of homes, all kinds of homes ā€” multifamily, single family, duplex, condo, manufacturing housing, you name it ā€” we need housing in our country for individuals and families to have a roof over their head and to call home.ā€

Turner said during his confirmation hearing last month.

2. Austin Realtors to give non-Realtors access to Unlock MLS

For the first time, the Austin Board of Realtors (ABoR) is opening up access to its Unlock MLS platform to non-Realtors. Starting June 1, real estate agents who are not certified realtors will be able to subscribe to Unlock MLS without joining the 20,000-member ABoR.

Non-Realtor members will pay the same MLS access fee as Realtors of $47.97 a month, or $575.64 a year. Those who choose to become Realtors will pay an additional fee of $533 a year, which includes membership dues for Texas Realtors and the National Association of Realtors (NAR).

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3. Catch up quick

šŸ’ø Real estate brokerages and the rise of the revenue share model. (HousingWire)

āž”ļø San Antonio realtor fired for emulating Elon Musk's alleged Nazi salute. (MySA)

āš–ļø Appeals court will let DOJ speak in REX case against NAR. (Inman)

šŸ”’ Report: Commissions have risen slightly for affordable homes, fallen slightly for expensive homes, since the NAR settlement. (Redfin)

šŸš« Texas Governor Greg Abbott cracks down on squatters. (Realtor.com)

šŸ” Fun read: This is the ā€œBeverly Hillsā€ of Houston. (Realtor.com)

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4. El Paso is among the markets with the lowest risk from natural disasters

Natural disasters are on the rise, prompting many homeowners to rethink where they live. While all U.S. regions face environmental risks, some areas are more resilient than others, and El Paso is one of them, according to CoreLogic.

The property data firm identified the safest ZIP codes based on its Risk Score, which evaluates property data, replacement costs, and natural hazard insights to assess the financial impact of weather and climate disasters on single-family homes.

5. The true cost of owning a home in 2025

According to a new report from Real Estate Witch, 80% of homeowners say the total cost of owning a home is higher than expected.

The survey highlights how little many buyers know about the true cost of homeownership. Hereā€™s a breakdown of the specific costs that exceeded expectations, along with the percentage of respondents who reported them:

  • Property taxes - 37%

  • Homeowners insurance - 32%

  • Home improvements and renovations - 23%

  • HVAC (furnace/air conditioning) costs - 22%

  • Roof work - 21%

  • Utilities - 20%

  • Plumbing - 17%

  • Maintaining homeā€™s appearance - 15%

  • Exterior maintenance/repairs - 13%

  • Lawn care/landscaping - 13% needs.

6. The homeownership rate inches up to 65.7% in Q4 2024

The Census Bureau released its latest quarterly report for Q4 2024, showing the latest homeownership rate is at 65.7%, up 0.2 percentage from Q3 but practically unchanged from a year ago.

Here's an excerpt from the press release:

  • National vacancy rates in Q4 2024 were 6.9 percent for rental housing and 1.1 percent for homeowner housing.

  • The homeowner vacancy rate of 1.1 percent was higher than the rate in Q4 2023 (0.9 percent) and not statistically different from the rate in Q3 2024 (1.0 percent).

  • The homeownership rate of 65.7 percent was virtually the same as the rate in Q4 2023 (65.7 percent) and not statistically different from the rate in the third quarter of 2024 (65.6 percent).

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